On Friday, gold and silver prices came in a bit higher in the market. As the U.S. dollar continues to decline, precious metals are on the up and up. There are signs that market bottoms are where they need to be. Since November of 2014, crude oil prices were above the 70 dollar mark. On Thursday, May 10, oil prices were able to break away coming in at $71.98 a barrel.
Futures for June have gone up $2.50, coming in at $1,324.90. Silver for July rose $0.051, making it $16.81 an ounce.
Overnight, stock markets worldwide were pretty quiet. However, European markets came in firm as Asian stocks came in weak. After the beginning of the New York day session, stock indexes in the U.S. are expected to have higher openings.
Import and export prices are supposed to come in some time Friday from the U.S. economic data. Investors are looking forward to a rise in prices for the next term.
Crude Oil Prices Go up Against the U.S. Dollar Index
Figuratively, gold bulls and bears from June about even. Near-term price from gold is looking to come in at around $1,350 an ounce. However, Bears are expecting the price of gold to go below $1,300 and then back up to $1,337.00.
Overnight silver prices for July were going strong, hitting a three- week high. Also, the bulls and bears are both on track collectively. The next objective for silver bulls’ is come in higher than the last term. They are hoping silver can come in above $17.00 per ounce during the next term. However, the bears are looking to close the price of silver next term lower than $16.00 per ounce. The two are in no way supportive of each other and tend to go against each other every term. The first resistance will be $16.89, and the next one will be at $17.00.